BUMO- The truly decentralized Trust- Network
The essence of Internet Of Things is connectivity- global, universal, ubiquitous. You can control your PC or update your social media page from anywhere. You can connect to people across the globe, a teacher in Japan can help a student in Mexico for example or a doctor in Canada can consult live on a surgery in London. These events are possible by an incredibly fast information flow around the globe. Yet there are limits- verification protocols, proof of work or a middle man entity forcing it's adverts on you. The new threat is corruption and hijack of data.
The result is the Blockchain. Secure and transparent data transfer. Why not take this one step ahead. Why this free flow across the globe limited to information? Why not VALUE? This is the answer- A Public Blockchain For Ubiquitous Value Transfer- BUMO Ubiquitous- Universally present, linked to billions of ordinary citizens through ordinary devices.
-BUMO has put in place a commercially viable infrastructure that can support up to 10,000 transactions per second and this is TODAY. BUMO facilitates ease of transfer over various networks within the Internet of Things, finance-tech, local networks and the social network industry. As BUMO says in the white paper: BUMO is a new generation of public chain for business. It builds an internet infrastructure that can move value around through core technologies like BU Firework, BU Orbits, BU Canal and BU CodeMach.
The result of this fast secure multi-chain environment is that the we the users and consumers have just connect our devices and data to BUMO- Our asset values will be tokenized and made transferable. Be it Discount coupons, Game Points, Software, Conditional contracts or Designs- The asset could be digital or physical all of them are your real assets and can be monetized via BUMO. And the Multi-chain ecosystem is not only the fastest; it is the safest.
-Bumo Technical paper
The poweful simplicity of BUMO ias that any device can become a participant in the BUMO environment as a NODE. These nodes all contribute to network maintenance, application development, and value creation.
The roles the participants within BUMO can assume are:
· Node – Any intelligent device connected to the network; all nodes are transparent and autonomous
· Candidate nodes – All BUMO nodes can apply to be a candidate node; some number of qualified nodes are selected as candidate nodes, these nodes that are put through an election/lottery to become validator nodes
· Validator nodes – Selected from elected/winning candidate nodes, and are responsible for networking accounting and resource management; these nodes collect network transaction fees
The more devices connected to the BUMO network, the more ubiquitous and transparent the network becomes.
AND THE INCENTIVE SYSTEM:
The BU-Token (“BU”) denominates the “gas” costs of the BUMO Network.
These costs are comprised of:
(i) Storage and network fee – based on type of transaction and its size
(ii) Calculation fee – based on weight of computing resources, measured in the time it takes to execute contract requirements
Gas rewards are delivered to validator nodes as explained above. These rewards are continuously adjusted through voting by the participants on the network via a separate mechanism called the GAS adjustment algorithm.
-SOURCE
Every BUMO token holder is also an owner of the chain and has voting rights to influence the workings of the BUMO eco-system. This is real democratization of the Internet and value exchange. The creator and the buyer/consumer deal directly through BUMO. The very presence of such a marketplace, so easily accessible and safe will give rise to new buyers and sellers, many of whom till today have been marginalized by commissions, controls or cost of transacting.
By 2020 it is estimated that the devices connected to the Internet will number 45 BIILION. BUMO.io has stepped in to capitalize on this vast potential of connectivity, storage and processing power which till now is being grossly underutilized. The case of commercial entities which work in a hyper-digital workspace have hundreds of devices connected and not used. If a safe alternative like BUMO can help with that it will not only save power and labour but help make Internet of Things more faster and better. A genuine WIN-WIN case for all parties concerned. I would wish for networks to be free from large powerhouse of computers and servers which lead to bottlenecks and controls and relegating many users to a lesser quality of service as compared to powerful users.
BUMO is all this and more. Not only it is a network based on millions of nodes. The easily available and in-use tech like Java and Python can readily mesh with BUMO. Apps can run on BUMO to secure smart contracts and provide much needed customized space to specialty services like Medicine, Digital Security, Insurance and Actuary and even Travel and Hospitality. These services are plauged by fragmented communication protocols- An travel company may not know how to handle the real time data of its clients medical app or a brokerage firm may not be able to import secured legal documents into it's database even if it buys them. The BUMO Multichain is not only a solution for such problems but it is a FUTURE-READY NETWORK to tackle upcoming problems.
Some of the Key members of the BUMO team:
CONCLUSION: BUMO is here to set up the ideal blockchain free from huge banks of servers. A fully decentralized system with every owner of its Token- BU acting as a manger of the BUMO ecosystem. The aim is to set up a global Trust Net where value can flow as fluidly as information in a safe environment.
RESOURCES:
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